- Neiro coin rose by almost 50% in 24 hours.
- A whale jumped on the trend while early investors cashed out.
Neiro (NEIRO) surged 49% in 24 hours as memecoins started the week with an explosive rally. The rally followed Bitcoin’s (BTC) rise towards $64,000, sparking a relief rally in the markets.
But NEIRO’s explosive rise was also driven by the actions of whales. According to the blockchain analysis platform SpotOnChaina major whale collected $1.466 billion NEIRO, worth $1.8 million, during the rally.
“rektdolphin.eth is the largest buyer of $NEIRO during this period, trading a total of $190.5 billion PEPE and $6 ETH for $1.466 billion NEIRO ($1.8 million) approximately 4 hours, now earning $334,000 (+19%). »
Subsequently, another early whale trader farm his NEIRO position with a huge profit of +10.055%.
Source: SpotOnChain
What’s next for NEIRO?
The recent rally was preceded by the 38.2% Fib level on the price charts. Trading volume jumped to triple digits over the past few hours, highlighted by rising OBV (on-balance volume).
However, the indicator peaked at its recent resistance level near 997 billion. If OBV fails to break through resistance, a slowdown in the rally could be likely.
Source: NEIRO/USDT, TradingView
The RSI on the shorter time frame charts also gave an overbought signal, further reinforcing the potential cooling, especially if profit-taking intensifies.
If so, the Fib levels of 23.6% ($0.00119) and 38.2% ($0.0009) were crucial to watch in the near term.
On the contrary, an extended rally could lead NEIRO to reach $0.002, especially if BTC climbs higher.
Key levels to follow
According to the liquidation clusters, the data showed pockets of liquidity at $0.0014 and below $0.0012 (at the 23.6% Fib level).
These were leveraged long positions that could trigger a liquidity squeeze and drive down the NEIRO price before continuing the rally.
Source: Coinglass
Read Neiro (NEIRO) Price Prediction 2024-2025
That said, the derivatives market has demonstrated massive speculator interest with no clear direction at the time of writing. Volume and open interest (OI) increased by triple digits, illustrating massive market interest.
But there were almost similar liquidations of long and short positions in the four hours before publication time. This does not show a clear market direction and calls for caution in the short term.
Source: Coinglass
